Reason to avoid: Offshore license
Listed Date: October 10, 2018
Top 3 Regulated Forex Brokers
Beware Up4x is a Non-Regulated broker. It is NOT SAFE to trade.
- Company name: Easy FX Solutions Ltd.
- Registration/license: Vanuatu
- Registration/license requirement: USD 2,000
Up4x is a brokerage that offers trading Forex, CFDs including various indices and commodities. There are two brands behind this company. The first one mentioned on the website under “regulation” heading: “UP4X” (www.”Up4X”.com) is a registered brand name of ”Up4X” Ltd., a company authorized and regulated Worldwide. They don’t specify what licenses the company has and in what countries it is regulated, which already seems suspicious. The second owner-company can be found in the terms and conditions: Easy FX Solutions Ltd., based and registered with the Vanuatu Financial Services Commission. The broker is either not licensed at all or has an offshore license which is also a reason to avoid this firm.
Moreover, Italy’s regulator CONSOB has issued a warning against Up4x/Up4x Lts. in May 2017:
“The National Commission for Companies and the Stock Exchange reports that now Up4X ltd is not authorized to perform investment services and activities in Italy in accordance with any manner and, therefore, either through the website www.up4x.com“
We keep on reminding that regulation is the first and the most important factor for the safety of any investment. Choose among the legit brokers with licenses form respected financial authorities, such as the Financial Conduct Authority (FCA) in the UK, the Australian Securities and Investments Commission (ASIC) or the Cyprus Securities and Exchange Commission (CySEC) as they have to follow strict financial and ethical rules.